 Graph for use in a Nash Equilibrium example. Image by Luis von Ahn, Andrew Krieger, via Wikimedia Commons. Licensed Public domain |
Gene NashA Nash equilibrium, conceptualized by mathematician John Forbes Nash Jr., is a key principle in game theory that describes a state in non-cooperative games where no player can benefit by altering their strategy while others maintain theirs. This solution concept applies to various strategic interactions, ensuring that each participant’s strategy is optimal given the strategies of others. The idea traces back to the 19th century but was modernized by Nash, who proved the existence of equilibria in finite games, paving the way for its application in economics, social sciences, and various fields, including conflict resolution and cooperative behaviors. (Source: Wikipedia)
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